PQJA vs. BUFP

Last updated Jun 4, 2026

PQJA (PGIM Nasdaq-100 Buffer 12 ETF - January) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds from PGIM. PQJA is actively managed, while BUFP is passively managed. Over the past year, PQJA returned 22.65% vs 17.24% for BUFP. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PQJA vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQJA achieves a 8.72% return, which is significantly higher than BUFP's 6.23% return.

PQJA

• 1D: -0.09%
• 1M: 3.19%
• YTD: 8.72%
• 6M: 10.05%
• 1Y: 22.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: -0.22%
• 1M: 2.04%
• YTD: 6.23%
• 6M: 7.00%
• 1Y: 17.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PQJA vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025
PQJA PGIM Nasdaq-100 Buffer 12 ETF - January	8.72%	16.94%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.23%	12.96%

Correlation

The correlation between PQJA and BUFP is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.87

The correlation between PQJA and BUFP has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

PQJA vs. BUFP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PQJA

PQJA Risk / Return Rank: 82
PQJA Sharpe Ratio Rank: 85
PQJA Sortino Ratio Rank: 87
PQJA Omega Ratio Rank: 88
PQJA Calmar Ratio Rank: 68
PQJA Martin Ratio Rank: 82

BUFP

BUFP Risk / Return Rank: 86
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 89
BUFP Omega Ratio Rank: 89
BUFP Calmar Ratio Rank: 77
BUFP Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PQJA vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PQJA	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	2.77	2.77	0.00
Sortino ratio: Return per unit of downside risk	3.93	4.12	-0.20
Omega ratio: Gain probability vs. loss probability	1.55	1.58	-0.02
Calmar ratio: Return relative to maximum drawdown	3.36	3.93	-0.56
Martin ratio: Return relative to average drawdown	16.33	21.96	-5.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQJA vs. BUFP - Sharpe Ratio Comparison

The current PQJA Sharpe Ratio is 2.77, which is comparable to the BUFP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of PQJA and BUFP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PQJA	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	2.77	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	1.40	-0.01

Drawdowns

PQJA vs. BUFP - Drawdown Comparison

The maximum PQJA drawdown since its inception was -14.72%, which is greater than BUFP's maximum drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for PQJA and BUFP.

Drawdown Indicators

	PQJA	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-14.72%	-11.98%	-2.74%
Max Drawdown (1Y) Largest decline over 1 year	-6.77%	-4.41%	-2.36%
Current Drawdown Current decline from peak	-0.09%	-0.22%	+0.13%
Average Drawdown Average peak-to-trough decline	-1.65%	-1.00%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	0.79%	+0.60%

Volatility

PQJA vs. BUFP - Volatility Comparison

PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) has a higher volatility of 1.20% compared to PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) at 0.95%. This indicates that PQJA's price experiences larger fluctuations and is considered to be riskier than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQJA	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	0.95%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	4.82%	+1.84%
Volatility (1Y) Calculated over the trailing 1-year period	8.24%	6.27%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.42%	9.49%	+3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	9.49%	+3.93%

PQJA vs. BUFP - Expense Ratio Comparison

Both PQJA and BUFP have an expense ratio of 0.50%.

Dividends

PQJA vs. BUFP - Dividend Comparison

PQJA has not paid dividends to shareholders, while BUFP's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
PQJA PGIM Nasdaq-100 Buffer 12 ETF - January	0.00%	0.01%	0.00%

Frequently Asked Questions

Can I hold both PQJA and BUFP in my portfolio?

PQJA and BUFP have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQJA or BUFP?

PQJA has higher volatility (1.20%) compared to BUFP (0.95%). In terms of maximum drawdown, PQJA dropped -14.72% vs BUFP's -11.98%.

Which ETF is better, PQJA or BUFP?

On 1-year performance, PQJA leads with 22.65% vs 17.24% for BUFP. Both ETFs have the same 0.50% expense ratio. On volatility, BUFP has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PQJA or BUFP?

Over the 1-year period, PQJA has performed better with a 22.65% return vs 17.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PQJA or BUFP?

PQJA and BUFP have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PQJA or BUFP?

BUFP has the higher dividend yield at 0.01%, compared with 0.00% for PQJA.

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.77 vs 2.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.